Crescent through the times
John Goff designs and implements real estate strategy with Richard Rainwater, acquiring debt and equity of principally office properties that eventually seed the Crescent IPORead More
In 1987, prior to founding Crescent Real Estate Equities, John Goff first joined Richard Rainwater, investing in public securities, private equities and distressed debt. In 1988, he began focusing on real estate with a 20 percent minority investment in the Staubach Company, a real estate services firm founded by Roger Staubach. Goff served on Staubach’s board for 14 years and, when Jones Lang LaSalle purchased the company in 2008, was able to realize a return for investors of 66 times their initial investment.
Goff and Rainwater then partnered to establish Crescent Real Estate Equities in the early 90s when both investors saw a unique opportunity to build a real estate portfolio during a real estate downturn. The two began negotiating and accumulating properties in Dallas and Denver, including The Crescent®, an office and retail complex in downtown Dallas that eventually became the company’s namesake.
Crescent Real Estate becomes a public company in a $500 million initial public offering on NYSE, one of the largest REIT initial public offerings at that time.Read More
May 4, 1994, with a portfolio totaling 3.2 million square feet, Crescent joined the New York Stock Exchange as a REIT with one of the largest IPOs in REIT history: $500 million. Starting with 11 employees and four properties in its portfolio, Goff led Crescent as vice chairman and CEO and set up headquarters in Fort Worth, Texas.
Goff forms Goff Capital Partners, creating an investment focus on commercial real estate debt with an industry leading CMBS platform that invested through two funds: G2 Opportunity Fund and G3 Strategic Investments.Read More
Then, during the credit crisis of 1998, Goff saw another opportunity and established Goff Capital Partners to invest primarily in real estate debt. Goff Capital Partners eventually managed a portfolio of more than $4 billion in commercial real estate loans and debt securities.
Crescent sells to Morgan Stanley for $6.5 billion after having acquired $4.5 billion of office and hospitality assets which were sold for a $3.0 billion profit. As a public REIT, Crescent paid $2.5 billion in dividends to shareholders, making the total compounded return to public shareholders 15.4 % over the company’s 13-year existence.Read More
By 2007, Crescent had become one of the largest REITs in the United States with a portfolio of more than 30 million square feet, and in August of that year, Crescent left the New York Stock Exchange when Morgan Stanley purchased the company for $6.5 billion. During the two years under Morgan Stanley’s ownership, Crescent executed a disposition strategy and sold office assets valued at $1.4 billion.
Goff reacquires Crescent through a joint venture agreement with Barclays. Goff becomes co-owner and leader of the company.Read More
In November 2009, Barclays Capital partnered with Goff Capital, Inc., a company also founded by Goff, to take over ownership of Crescent from Morgan Stanley. Goff returned to Crescent as chairman and CEO of Crescent Real Estate Holdings, which managed and developed premier real estate assets throughout the U.S.
Through Goff Capital Partners and Crescent Real Estate Holdings, Goff establishes the GP Investment Fund I to acquire, develop and operate real estate investments alongside institutional investors and high net-worth clients. The Fund begins with $4 billion in investment capacity.
Crescent Real Estate and Goff Capital Partners combine resources, merging to become Crescent as it exists today.Read More
In 2016, Goff established and led the capital campaign for the GP Invitation Fund I, a private, invitation-only fund that raised $200 million and allowed for more than $4 billion in purchase power. Shortly after its creation, Goff combined the resources of his two real estate firms, Crescent Real Estate Holdings and Goff Capital Partners, to manage the fund. The fully integrated real estate investment, management and development company now operates under the name Crescent Real Estate LLC. Crescent Real Estate continues to acquire, develop and operate all real estate asset classes alongside institutional investors and high net worth clients. Its premier real estate portfolio consists of Class A and creative office, multifamily and hospitality assets located throughout the U.S. including The Ritz-Carlton, Dallas; McKinney & Olive in Dallas; and the wellness lifestyle leader, Canyon Ranch®.